China Mints Two Billionaires a Week

Leading the way Alibaba chairman Jack Ma at a conference in Yunqi Cloud Town in Hangzhou China

What's more, 332 billionaires were minted in 2017, a rate of nearly a person-per-day joining the three-comma club. He is also the only one who made his wealth in entertainment and media; most Singapore billionaires are in real estate and financial services.

At the current rate, UBS and PwC expect Asia-Pacific billionaires to be wealthier than their United States peers in under three years. Now in its fifth edition, the report draws on UBS and PWC's extensive client network and access to data, and aims to promote a deeper understanding of the billionaire population globally.

Ravi Raju, head of Asia Pacific Ultra High Net Worth at UBS Global Wealth Management, said Asia's billionaires 'are young and relentless.

The wealth of Chinese billionaires grew at a much faster rate than that of their global peers a year ago, chalking up an astounding 39% increase to a total of $1.12 trillion, the report says.

Thanks to a strong currency development, Western Europe had strong wealth growth over the past year.

It there were only 16 Chinese billionaires as recently as 2006.

However, the report also estimated that if the ongoing trade dispute between the United States and China escalates to an all-out trade war, both countries could see significantly lower economic growth before policy responses.

"Over little more than 10 years, they have created some of the world's largest companies, raised living standards and made fortunes at an unprecedented pace".

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But Stoltenberg did not encourage the U.S. , the biggest and most influential member of NATO , to stay in the treaty. He said he was referring to both Russian Federation and China, and "anybody else that wants to play that game".

"U.S. billionaires are now global citizens", he added.

In China, 106 people became billionaires in 2017 (though others dropped off the list from 2016).

Numerous country's 373 billionaires - nearly one in five of the global total - are self-made tycoons, often involved in the technology and retail sectors.

More than 40 of the 179 new billionaires created last year inherited their wealth, and given the number of billionaires over 70 the report's authors expect a further Dollars 3.4 trillion to be handed down over the next 20 years.

In the technology sector, there has been intense competition between Chinese and USA companies to the extent that Shenzhen is now challenging Silicon Valley, the report said. "This cohort is overwhelmingly self-made and determined to capitalize on one of history's greatest moments for new enterprise".

"We need to consider how a maturing economic cycle could affect investors, including billionaires specifically", Mike Ryan, Americas chief investment officer with UBS Global Wealth Management said.

About 97% of Chinese billionaires are considered self-made, and, at 56 years old on average, they're about a decade younger than their North American counterparts.

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